The credit crisis simplified

I always try to get through those long, erudite articles about the state of the economy but get bogged down in terminology: collateralized debt obligation, hedge fund, frozen credit markets, credit default swaps. This 11-minute video by Jonathan Jarvis (via ANIMAL New York) explains the whole "fia$co" succinctly, in terms even I can kind of understand.

Click here for Part 2 so you can see everything completely blow up at the end. Fun.